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Segment Information
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segment Information
10.
SEGMENT INFORMATION

 

The Company has determined its Chief Operating Decision Maker (“CODM”) to be the Chief Executive Officer (“CEO”). The CEO reviews financial information presented on a consolidated basis for purposes of managing the business,

allocating resources, making operating decisions and assessing financial performance. The Company is organized and operates as single operating and reportable segment. The CODM assesses performance for the segment and decides how to allocate resources based on consolidated net income. The CODM manages the business using consolidated expense information for the single operating segment. All expense categories on the Consolidated Statements of Operations are significant and there are no other significant segment expenses that would require disclosure.

The Company offers a comprehensive range of modular building blocks enabling rapid design of a power system specific to a customer’s precise needs. Based on design, performance, and form factor considerations, as well as the range of evolving applications for which the products are appropriate, the Company categorizes its product portfolios as either Advanced Products or Brick Products, which constitute one segment. Both product lines are built in the Company’s manufacturing facility in Andover, Massachusetts employing similar processing and production techniques, and are supported by the same sales and marketing organizations. The measure of segment assets is reported on the balance sheet as total consolidated assets.

The following tables present the Company’s net revenues disaggregated by geography with respect to the Company’s single operating segment for the years ended December 31, 2024, 2023 and 2022 (in thousands):

 

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

United States

 

$

185,834

 

 

$

149,456

 

 

$

129,422

 

Europe

 

 

41,803

 

 

 

59,742

 

 

 

38,378

 

Asia Pacific

 

 

129,981

 

 

 

192,267

 

 

 

228,335

 

All other

 

 

1,440

 

 

 

3,594

 

 

 

2,944

 

 

 

$

359,058

 

 

$

405,059

 

 

$

399,079

 

The Company's long-lived tangible assets, as well as the Company's operating lease right-of-use assets recognized on the Consolidated Balance Sheets were located as follows:

 

 

 

As of December 31,

 

 

 

2024

 

 

2023

 

 

 

(in thousands)

 

United States

 

$

146,472

 

 

$

151,439

 

International

 

 

6,233

 

 

 

6,250

 

See the consolidated financial statements and footnotes for other financial information regarding the Company’s operating segment.